Open banking startup Mono is set to launch a treasury management tool for African businesses in 2026, following its recent acquisition by Flutterwave. The tool will allow companies to manage all their bank balances in one place, leveraging the infrastructure Mono has already developed.
“We’re going to be launching a treasury management platform that will allow enterprises to manage all their bank balances in one place because we already have that infrastructure. We’re now opening it up as a platform as a service,” said Mono CEO Abdulhamid Hassan in an interview with Techpoint Africa.
According to Hassan, the treasury management tool is just one of several products in the pipeline as the startup seeks to create more enterprise solutions by capitalising on its experience connecting financial institutions with customer data.
“Today, we’ve linked about eight million bank accounts, and that’s like 12% of the bank accounts in Nigeria, so we’ve seen lots of data and what can be done with that data, especially with user consent.”
As one of Africa’s open banking pioneers, Mono has built APIs that enable businesses to gather customer data for purposes like lending decisions and payments. Last year, it launched Mono Prove, an AI-powered identity verification product.
For Mono, which has already been collaborating with Flutterwave and powering some of its services, a key reason for the acquisition was Flutterwave’s scale. With over 35 country licences, Flutterwave is one of Africa’s nine unicorns, and its broad reach is something Mono plans to leverage.
“Our belief is that for open banking to really become a bigger part of the financial infrastructure in Africa, it needs to be connected to a bigger payment network,” Hassan explained. “When the Flutterwave deal came through, we felt our ambition to take this was bigger than the market and needed Flutterwave’s scale,” he added.
Despite optimism around open banking in Nigeria, the Central Bank of Nigeria has yet to approve its full launch. Nevertheless, Hassan remains confident, comparing the current moment to the early days of Flutterwave.
“When you think about when Flutterwave started in 2016, we didn’t have PiggyVest and Cowrywise. Because of the card payment rails, those companies were able to bring new solutions, and that’s what we’re going to see this year with all the amazing stuff we’re going to be doing.”
